Woodstock police have arrested a Crystal Lake man accused of embezzling thousands from a Woodstock paper company, police said Wednesday.
Russell D. Cisco, 44, of the 900 block of Boxwood Drive, Crystal Lake, has been charged with theft over $500. Cisco turned himself in Tuesday, police said. His bond was set at $50,000. He posted the 10 percent required and is expected in court Nov. 16, police said.
Cisco could face up to seven years in prison.
Police said Cisco is accused of embezzling $55,000 from Guy E. Paper, 1150 McConnell Road, Woodstock.
Cisco had a key to the building and access to the company’s finances. It is suspected he moved money from the business’ Paypal account into his personal account, according to a criminal complaint filed in McHenry County court.
Cisco is charged with making the transfers between Jan. 4, 2016, and June 18, 2018.
The business feared bankruptcy after the incident, company owner Guy Spinelli said.